Govt decreases petrol price by Re1, increases HSD price by Rs3.37 for July 28

Latest change in prices takes petrol to Rs334.18 per litre and HSD to Rs386.83 under the new system

The federal government on Monday decreased the price of petrol by Re1 while increasing the price of high-speed diesel (HSD) by Rs3.37 for July 28.

According to a notification issued by the Ministry of Petroleum, the price of petrol has been fixed at Rs334.18 per litre, while HSD will now cost Rs386.83 per litre.

Earlier, after an increase of five consecutive days, a notification issued by the Ministry of Petroleum stated that the prices of petroleum products would remain unchanged on July 26 and 27 due to the non-publication of Platts prices during the weekend.

On July 17, the government introduced a daily fuel price review mechanism amid volatility in global oil prices following renewed hostilities in the Middle East.

READ: Govt shifts to daily POL pricing amid global headwinds

The daily fuel prices are based on a seven-day average of international market rates to align with international standards.

Oil prices spiked to $100 a barrel for the first time since May last week on July 23, major tech giants knocked US stocks lower, and Europe's borrowing costs spiked to long-term highs in an unsettling day across markets.

Brent crude jumped 6% to $100.50 a barrel following attacks on tankers in the Red Sea that choked off a second crucial Middle East artery for global oil supplies alongside Iran's near-closure of the Strait of Hormuz. It marked the first time the international oil benchmark had hit that level since late May as the US-Iran war has heated up again.